In the three months to 30 September 2024, HUB24’s funds under administration (FUA) rose from $104.7 billion in the previous quarter to $113 billion – marking a “strong start to FY25”, it stated.
The firm’s platform FUA grew 8 per cent over the quarter from $84.4 billion to $91.6 billion. This was underpinned by quarterly net inflows of $4 billion, up 44 per cent from the same period last year, alongside $3.1 billion in positive market movements.
The $4 billion in quarterly platform net inflows was down from $5 billion in the previous quarter, but this was helped by a $1.8 billion migration from Equity Trustees at the time while there were no large migrations during this quarter.
HUB24’s portfolio, administration and reporting services (PARS) FUA also increased by 5.4 per cent from $20.3 billion to $21.4 billion.
It signed 44 new distribution agreements over the past three months and the total number of advisers using the platform increased by 195 to 4,720 – a rise of 17 per cent from the prior corresponding period.
“With a strong pipeline across all customer segments, we remain confident in meeting our FY26 platform FUA target of $115–$123 billion and are well-positioned for future growth,” HUB24 stated in the ASX announcement.
Last month, the firm announced it had taken a minority stake in Reach Alternative Investments to offer a broader range of alternative products to financial advisers. As part of this, HUB24 will collaborate with the team at Reach Alternative and potentially other industry providers to co-design innovative products and solutions to offer a broader range of alternative investment solutions for advisers and their clients.
In its FY2023–24 results, HUB24 reported a 62 per cent rise in annual platform net inflows from $9.7 billion a year ago to $15.8 billion.
Speaking on a shareholder webinar in August, the firm’s chief executive, Andrew Alcock said: “The sentiments I hear from advisers and licensees are around our value proposition, our attitude, and our customer service and our footprint is increasing. I think it’s the result of us executing well on our strategy, and we need to keep doing that and keep delivering customer service excellence. It’s ours to grow, or ours to lose.”
